Letter from Satya Nadella

Dear Fellow Employee,

When I came to Microsoft 22 years ago, I believed I could make a difference and change the world through technology. That
belief holds true today and together, we are empowering people to do more with the services, tools, applications, and devices
we build. Our focus, simply put, is to help our customers and partners thrive in a mobile-first, cloud-first world.

Living in a mobile and cloud-first era means asking people and organizations to trust us with their information and data.
Trust is paramount in how we operate and conduct business with individuals, companies and governments. We build and maintain
trust through our shared commitment to ethical behavior and by acting with honesty and integrity.

Our success depends on you. We set high ethical standards at Microsoft and we expect every employee to live up to those
standards. Complying with the law and company policies is the first and most important job of every Microsoft employee. A
momentary lapse in judgment by a single employee has the potential to erode the value and the trust we bring to customers.
As a Microsoft employee, you are expected to maintain a commitment to high ethical standards and conduct Microsoft’s business
with integrity.

The Standards of Business Conduct are an extension of Microsoft’s values and reflect our continued commitment to ethical
business practices and complying with the law. We expect you to be well informed and exercise good judgment when making business
decisions, and the Standards are designed to help you make the right decisions for yourself and Microsoft.

The Standards are not intended to cover every issue or situation you may face as a Microsoft employee. These Standards summarize,
and are supported by, the principles and policies that govern our company. You should use the Standards, in conjunction with
our corporate policies, to guide and inform your conduct. Please use the resources described in the Standards to help answer
your questions or address your concerns. In addition, managers should use the Standards to foster and reward a culture of
accountability and integrity within their groups.

All Microsoft employees are responsible for understanding and complying with the Standards, Microsoft policies, laws, and
regulations. We all have a responsibility to raise compliance and ethics concerns, and we want to hear from you if you have
a concern. Microsoft prohibits retaliation against any employee who in good faith seeks guidance or reports a possible violation
of the Standards.

I firmly believe that Microsoft is the best company in the world for employees who want to innovate, drive change, make
a difference, and do their best work. Thank you for living our core values and your commitment to ethical and legal behavior.
There must be integrity in everything we do.